Betting ABC

Betting on a team to perform better than the point spread set by oddsmakers. For example, if the Patriots are -7 against the Jets, they must win by more than 7 points for a Patriots ATS bet to win.

A strategy that covers every possible outcome using price differences across sportsbooks. The quoted prices, limits, timing, and execution all need to hold for the calculation to work.

Any type of wager placed on a sporting event. If a bettor has "action" on a game, it means they have money at stake on the outcome.

A method for setting bet sizes and loss limits relative to a dedicated betting bankroll. Its purpose is to control risk and reduce the chance that short-term variance ends the process.

When a team covers the spread in the final moments of a game, often in a meaningless way that doesn't affect the actual winner.

The final betting line available before an event begins. Bettors often use it as one reference point for evaluating the quality of an earlier price.

The difference between the odds at which a bettor placed their wager and the closing line. Positive CLV occurs when a bettor gets better odds than were available at close, indicating they identified value before the market corrected.

A strategy of betting against public opinion or the popular side. This approach is based on the premise that the public often overvalues favorites and popular teams, creating value on the opposing side.

A betting line with a 10-cent difference between the favorite and underdog in a money line bet, such as -150/+140. This represents the bookmaker's commission or "vig."

A team or competitor expected to lose a particular game or match. Underdogs are represented with a plus sign (+) in point spread and moneyline odds.

A calculation that estimates the average result of a repeated decision. Positive expected value means the inputs imply a positive average return, but the probability estimate can still be wrong.

The mathematical advantage a bettor has on a particular wager. An edge exists when the probability of an outcome occurring is greater than what the odds imply. Finding and exploiting edges is the primary goal of professional sports bettors.

To bet against a particular team, outcome, or public consensus. The label describes the direction of the bet, not proof that the price offers value.

A betting strategy where the same amount is wagered on each bet regardless of confidence level or perceived edge. While less optimal than proportional betting, flat betting provides simplicity and reduced variance.

A wager placed on an event that will be decided in the future, such as betting on a team to win the championship before the season begins.

Placing a bet on the opposite side of an original wager to protect upside or reduce loss. This strategy is often used with futures bets or when line movement creates arbitrage opportunities.

The half-point in a point spread (e.g., 7.5 instead of 7). The hook eliminates the possibility of a push and is often critical in close games.

The total amount of money wagered on a particular event or at a sportsbook.

The probability represented by the odds before adjusting for sportsbook margin. American odds of +200 represent an implied probability of about 33.3%.

Also known as live betting, this refers to placing wagers while an event is in progress. Odds fluctuate in real-time based on the current state of the game.

The commission a sportsbook charges for accepting a bet. Standard juice is -110 on spread bets, meaning bettors must risk $110 to win $100. Reducing juice increases a bettor's expected ROI.

A mathematical formula used to determine the optimal bet size based on the perceived edge and odds. Many professional bettors use a fractional Kelly approach to reduce variance.

The most common margins of victory in a sport, particularly important in football where games often end with point differentials of 3, 7, 10, 14, etc. Understanding key numbers is crucial for spread betting.

The shifting of odds or point spreads from their opening number to the closing line. Line movement can be caused by betting volume, injury news, or sharp action.

A bet presented as close to certain. Experienced bettors understand that certainty does not exist in sports betting, so treat anyone selling it with skepticism.

A computational algorithm that uses repeated random sampling to model game outcomes thousands of times, establishing confidence intervals and true probabilities for sports betting.

A betting strategy where a bettor places wagers on both sides of a line that has moved, creating a situation where both bets can win if the final result falls between the two numbers.

A bet on which team will win outright, regardless of the point spread. American odds format shows favorites with a negative number and underdogs with a positive number.

A bet on whether the combined score of both teams will be higher (over) or lower (under) than a number set by oddsmakers.

A single bet that links together multiple wagers, requiring all selections to win for the bet to pay out. Parlays offer higher potential returns but at significantly increased risk.

A handicap assigned by oddsmakers to create a margin between the favorite and underdog. Bettors wager on whether the favorite will "cover" or the underdog will beat the spread.

When the final result lands exactly on the spread or total number, resulting in a tie - all bets are refunded. Example: a team favored by -7 wins by exactly 7 points.

The statistical tendency for extreme outcomes to move closer to average over time. Crucial for identifying unsustainable performance outliers like unusually high shooting percentages.

A percentage calculated by dividing net profit by the total amount risked. It should be read with the sample size, bet types, and grading rules.

Wagers attributed to professional or highly informed bettors. The label is market context and does not make either side certain.

A sudden, significant line movement across multiple sportsbooks, typically caused by coordinated betting from professional syndicates.

A type of parlay bet that allows the bettor to adjust the point spread or total in their favor in exchange for reduced odds.

The actual probability of an outcome occurring, as opposed to the implied probability from betting odds. Finding discrepancies between true odds and implied odds is the fundamental goal of advantage betting.

A standardized betting amount representing a consistent percentage of a bettor's bankroll (typically 1-5%). Using units rather than dollar amounts allows for consistent risk management and more meaningful performance tracking.

A bet where your estimated probability is higher than the probability represented by the available price. The quality of the estimate matters as much as the calculation.

The mathematical measure of how individual results can differ from the expected average outcome. High variance means results can swing dramatically in the short term.

The commission charged by a sportsbook on bets, also known as juice or margin. Standard vig on point spread bets is -110 on both sides.

A teaser strategy focusing on crossing key numbers in football, particularly teasing favorites down from -7.5 to -1.5 or underdogs up from +1.5 to +7.5. When executed properly, Wong teasers can offer positive expected value.

A situation where one participant's gain is balanced by another participant's loss. Sports betting is negative sum for bettors as a group because the sportsbook includes a margin.